How recent is the foreclosure? I am involved with a private lender program which FSBO sellers and MLS listed sellers use to sell quickly - it also will help the buyer. If your FICO score is 600 or above then check out www Sell or Buy Quick.com. If the seller is not familiar with this program ... introduce them to it .. give them this web address. Any questions, e-mail or call me.

This is very tough Gerardo. Possible but tough. We have virtually eliminated lease/purchase here in Texas. There are lots of people out there saying it is possible, but the really good attorneys I trust say don't do it. The intent of the legislature is clear. We're also starting to see banks forclose on properties with owner/occupied financing, but with someone else living in the property-EVEN when the mortgage is current. Everyone for years has said this won't happen, but it is. To use owner financing you'll want to find an owner who owns the property free and clear and can therefore carry the note for you. A local realtor in the Georgetown area can perhaps set up a search for you and investigate the properties. Good luck with your search.

Gerardo,

There are most certainly ways around buying w/out a traditional loan. As my other colleagues have already mentioned though, you will need a Realtor to search for them and then a GREAT Real Estate lawyer to assist you with this process.

My addition point to this is.. if you've just had a recent foreclosure; make sure you can fully explain yourself as to why and exactly how. Even though a private seller may not have the underwriting guidelines a bank would have; i'm certain there will be much investigating into your misfortune, so be prepared to divulge all the facts.

Gerado,

In this situation, you will need a real estate agent to identify the available properties with a lease to purchase option, and seller financing. In addition, you will need a real estate lawyer to combine both the leasing and purchase agreements into a single contract. Currently, there are no forms put out by the Texas Real Estate Commission that will fully protect you in this type of agreement. This is the reason why you need a lawyer, a real estate agent cannot practice law.. If you need further assistance, please feel free to contact me at your convenience by going to my WEB site and clicking on my contact information.

Gerardo,

As Julie previously mentioned, contact a real estate professional. They should be able to generate an MLS search that will identify properties that specify "lease to purchase" options.

Good luck,
The "Eckler Team"

Call a local realtor. The MLS system that we use has a financing feature that will allow me to search for property that has "contract for deed" as a financing option. I don't recommend buying without a realtor representing you. Contract for deed is a great way to buy a home. It is also a great way to sell a home if you have the financial ability to do so. HOWEVER, without a professional on your side protecting your best interests, buying or selling, your dream could become a nightmare very quickly. Best of luck to you.